Web3支付浪潮下穩定幣對跨境支付體系之影響與台灣金融業因應策略研究

Abstract

隨著 Web3 技術的快速發展，穩定幣因兼具區塊鏈的可程式化效率與法幣的價格穩定性，逐漸成為連結 Web3 生態與傳統金融體系的核心橋樑資產。尤其在全球跨境支付體系加速重組的背景下，穩定幣已從加密市場的交易工具演進為具備機構級應用潛力的金融基礎設施，並促使 Visa、Mastercard、Stripe 等主要支付機構相繼調整其戰略布局。與此同時，美國通過《GENIUS Act》，將穩定幣定位為鞏固美元全球儲備貨幣地位的戰略工具，標誌著穩定幣議題已正式進入各國貨幣主權的政策博弈場域。 本研究採文獻分析與比較制度分析方法，系統性探討穩定幣對全球支付體系的影響，並以台灣金融業的因應策略為核心研究問題。本研究歸納出以下幾點主要發現。首先，在全球監管框架層面，美國、歐盟、日本、韓國與台灣雖在制度設計細節上存在差異，但「禁止付息、足額儲備、AML/KYC 強制合規」已成為跨國立法共識，代幣化存款亦成為各國大型銀行在立法過渡期間的主流策略選擇。其次，在台灣的制度設計層面，本研究提出「貨幣雙軌框架」，以台幣穩定幣為主、美元穩定幣受監控，作為維護外匯管理與貨幣主權的制度基礎。其三，在台灣銀行業策略層面，本研究提出「工具雙軌並行、分階段開放」的核心框架，建議短期以代幣化存款先行積累技術能力，中長期再推進台幣穩定幣的正式發行，並針對虛擬資產保管、穩定幣發行、RWA 代幣化與跨境支付四條業務線提出分階段行動建議。

As Web3 technology has rapidly advanced, stablecoins have emerged as a critical bridge asset connecting the Web3 ecosystem with the traditional financial system, combining the programmable efficiency of blockchain with the price stability of fiat currencies. Against the backdrop of an accelerating restructuring of the global cross-border payment system, stablecoins have evolved from crypto market trading instruments into financial infrastructure with institutional-grade application potential, prompting major payment institutions such as Visa, Mastercard, and Stripe to adjust their strategic positioning. At the same time, the passage of the GENIUS Act in the United States, which designates stablecoins as a strategic tool for reinforcing the U.S. dollar's status as the global reserve currency, signals that stablecoins have formally entered the arena of monetary sovereignty competition among nations. This study employs documentary analysis and comparative institutional analysis to systematically examine the impact of stablecoins on the global payment system, with the strategic responses of Taiwan's financial industry as the core research question.The study identifies the following key findings. First, at the global regulatory framework level, while the United States, the European Union, Japan, South Korea, and Taiwan differ in the details of their institutional designs, a cross-national legislative consensus has emerged around the prohibition of interest payments, full reserve requirements, and mandatory AML/KYC compliance. Tokenized deposits have also become the mainstream transitional strategy adopted by major banks across jurisdictions during the legislative transition period. Second, at the level of Taiwan's institutional design, this study proposes a "monetary dual-track framework" — prioritizing Taiwan dollar stablecoins while keeping U.S. dollar stablecoins under regulatory monitoring — as the institutional foundation for maintaining foreign exchange management and monetary sovereignty. Third, at the level of Taiwan's banking strategy, this study proposes a core framework of "dual-track instrument parallelism with phased liberalization," recommending that tokenized deposits serve as the near-term entry path to accumulate technical capabilities and regulatory data, with Taiwan dollar stablecoins to follow in the medium-to-long term. Phased action recommendations are provided across four business lines: virtual asset custody, stablecoin issuance, RWA tokenization, and cross-border payments.